Circle Internet Group Inc. (NYSE: CRCL) announced on Friday that CFO Jeremy Fox-Geen and co-founder Sean Neville will step down from their roles.
Circle Sees Exec Departures
Fox-Geen will remain CFO until the end of December unless the company names a successor earlier.
Fox-Geen will step down after more than five years in the position. Circle said he played key roles in the company’s “growth and success,” including its $1.2 billion initial public offering last year.
“Having achieved many milestones, it is now the right time for me to step down and take a break before my next chapter,” the outgoing CFO said. “I have the greatest confidence in the company’s future.”
A separate Form 8-K filing submitted on Friday revealed that co-founder and longtime director Neville had stepped down from the board with immediate effect.
Neville has served on the Board since 2016. The Board has been reduced from eight to seven directors.
Circle CEO Jeremy Allaire thanked Neville for his “extraordinary service,” adding that his “vision and commitment” helped shape the company behind the world’s second-largest stablecoin, USDC (CRYPTO: USDC).
Transition in Crypto Companies
These departures were the latest in a broader pattern of senior exits from leading cryptocurrency companies.
Earlier in July, Coinbase Global Inc. (NASDAQ:COIN) Chief Legal Officer Paul Grewal announced his exit after six years of service.
Grayscale CFO Edward McGee also stepped down in July, citing personal reasons and not due to any “disagreement” with the company.
Price Action: Circle shares closed 4.30% lower at $89 during Friday’s regular trading session, according to Benzinga Pro. Shares were down 2.45% in overnight trading on Robinhood.
Benzinga’s Edge Stock Rankings indicate that CRCL maintains a stronger price trend over the short, medium, and long term.
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